KKR Buys Stake in Pangiaco, Builds Fiber Optic Network Platform – KKR & Company (NYSE:KKR)

KKR & Company Inc. KKR disclosed a deal for acquire a majority stake in pangiaco and existing fiber optic networks Telefónica del Peru SAA cpnbf And Entel Peru,

As per the deal, KKR will buy a stake in Pangiaco, which will subsequently acquire the existing fiber optic networks of Telefónica del Peru and Entel Peru.

KKR is investing through its KKR Global Infrastructure Investors III fund. Financial terms were not disclosed.

The deal will merge the existing fiber optic networks of Pangiaco, Telefónica del Peru and Entel Peru into an independent company controlled by KKR.

Through the combination of these networks, KKR will establish ON*NET Fibra de Peru as the new name of the platform, which will independently build and operate the largest fiber optic network with world-class quality standards.

KKR will hold a 54% stake in ON*NET Fibra de Peru, with Telefónica Hispanoamerica and Entel Peru holding 36% and 10%, respectively.

The company also intends to invest approximately $200 million to double the ultra-fast fiber network to reach 5.2 million homes in 86 provinces by 2026 (out of the more than 2 million homes passing through YTD).

read this also, KKR teams up with PayPal in multi-year €3B deal to accelerate BNPL loan originations in Europe

In Q1, KKR’s assets under management grew 6% Y/Y to $510 billion, raised $12 billion of organic new capital in Q1 2023, and adjusted book value per Shares fell 4% Y/Y to $27.65 in the quarter,

price action: On Thursday, KKR shares closed down 2.46% at $53.91.

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